A joint venture between Corner Lot Advisors and Midloch Investment Partners has acquired Ashbury Courts, a 156-unit multifamily building in Laurel, Md., for $35 million.
“This investment is a transit-oriented apartment, which we like, and also has a great location in between Washington, D.C., and Baltimore providing access to both metros,” Andy Sinclair, principal and CEO of Midloch Investment Partners, told Commercial Observer. “We’ve always been big fans of in-fill locations, which is part of our long-term strategy, and it’s hard to find those attributes.”
The property also features 16,000 square feet of street-front retail.
Transwestern represented the seller, Pratt Street Capital, in the deal.
“The seller felt it was a good time to sell and was dissolving a partnership,” Robin Williams, executive vice president of Transwestern, told CO. “It has a good location in the Howard County side of Laurel, which led to a strong interest from buyers.”
Located at 10095 Washington Boulevard, Ashbury Courts was built in 2008, and has been well maintained by prior ownership, according to Williams. Additionally, the acquisition represented a core-plus opportunity with attractive in-place assumable debt.
“The asset is well located in a dynamic market and provides the ability to maximize value through strategic capital improvements, as well as the potential for additional density on the oversized parking lot,” he said.
Transwestern’s Dean Sigmon, Justin Shay and Michael D’Amelio joined Williams in representing the seller and assisting the buyer in the transaction.
Keith Loria can be reached at Kloria@commercialobserver.com.